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Forex: How CBN’s Sale Of $2.03bn Crashed The Dollar In 5 Weeks

The Central Bank of Nigeria (CBN) through its regular interventions at the foreign exchange market sold over $2 billion dollars to meet wholesale and invisible demand, causing the value of the naira to soar at the parallel market over the past five weeks. Presently, the value of the naira at the black market and the […]

Update On Forex Market As Central Bank Offers Dealers $100m

Update On Forex Market As Central Bank Offers Dealers $100m

Following the FOREX wholesale auction on Thursday, the Central Bank of Nigeria (CBN) on Friday, March 24, 2017, concluded transactions on the sum of $100 million earlier offered at the interbank market to meet customers’ demands, out of which authorized dealers were only able to pick $81.347 million after an initial bid for $91 million. […]

Establish Security Framework Against Cyber Crime – Banks Tell CBN

Establish Security Framework Against Cyber Crime – Banks Tell CBN

The Chief security officers (CSOs) of banks in the country have urged the Central Bank of Nigeria (CBN) to establish an internal framework within the banking system to blacklist internet fraudsters from operating bank accounts. The CSOs agreed in principle that the CBN should implement the anti-cyber crime policy in the banking sector as a […]

Forex: Surplus Dollars Hit Nigeria Market

Forex: Surplus Dollars Hit Nigeria Market

The surplus supply of the US dollars has again jolted speculators and caused a further increase in value of the Naira. The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN). Fresh 100 million dollars was released at the interbank market to meet […]

Economy’s Track For Nigeria’s Forex Market

Economy’s Track For Nigeria’s Forex Market

In it is efforts to ensure smooth flows of foreign exchange currencies in the country, the Federal Government as an engine room for economic growth and development, various institutions must be mobilize in order to stabilize the foreign exchange market in the country. Since the establishment of the Central Bank of Nigeria, Nigeria’s exchange rate […]

CBN Injects Fresh $100m Forex, Dealers Pick $81.3m

CBN Injects Fresh $100m Forex, Dealers Pick $81.3m

On Friday, the Central Bank of Nigeria (CBN) concluded transactions on the sum of $100 million earlier offered at the interbank market to meet customers’ demands, out of which authorized dealers were only able to pick $81.347 million after an initial bid for $91 million. Acting Director of Corporate Communications at the CBN, Isaac Okorafor […]

Forex: Naira Consolidates Strength Against Dollar

Forex: Naira Consolidates Strength Against Dollar

The Naira on Friday consolidated its position against the US dollar at the parallel market, NAN reports. The Nigerian currency on Friday afternoon exchanged between N380 (buying rate) and N390 (selling rate), stronger than N400 recorded on Thursday, while the pound sterling and Euro closed at N490 and N430. At the Bureau De Change (BDC) […]

Forex: Black Market Naira Nears CBN Rate For Consumers

Forex: Black Market Naira Nears CBN Rate For Consumers

The Naira firmed to 390 per dollar on the black market on Friday, up 2.6 percent from its previous session and near the central bank’s rate for consumers, traders said. The central bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 […]

Senator Commends CBN Over Naira Improvement

Senator Commends CBN Over Naira Improvement

Senator Hope Uzodinma has commended the Central Bank of Nigeria (CBN) for its effort at strengthening the Naira against the dollar. Uzodinma, who represents Imo West Senatorial District, told the News Agency of Nigeria (NAN) in Abuja that the recent appreciation of the naira was commendable and should be sustained to put the economy back […]

Growing Reserves Is Positive Outlook For Nigeria – Expert

Growing Reserves Is Positive Outlook For Nigeria – Expert

The rising level of Nigeria’s foreign reserves is a clear indication of a positive outlook for the Country, says a financial expert, Titus Okurounmu. Okurounmu, a former Director, Research Department, Central Bank of Nigeria (CBN), made this known in an interview with the News Agency of Nigeria (NAN) in Lagos. The CBN had, on March […]

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